Musk told analysts that Tesla’s revenue this year could grow to $6 billion, from $3.2 billion in 2014. His 2025 market-cap prediction assumes 50 percent annual revenue growth and a price-to-equity ratio for the stock of 20.

Musk said Tesla’s $35,000 Model 3 should be in production by the second half of 2017, and that its design will not be as “adventurous” as that of the gullwinged Model X crossover, in order to keep the production schedule on track.